AN ACT STRENGTHENING THE INSURANCE INDUSTRY
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AN ACT STRENGTHENING THE INSURANCE INDUSTRY
Republic Act No. 10607
August 15, 2013
Case Overview and Summary
Summary of the Insurance Code of the PhilippinesDefinition of Terms
- Defines key terms used in the Code, such as "contract of insurance", "doing an insurance business", "Commissioner", etc. (Section 2)
Contract of Insurance
- Specifies what can be insured and the requirements for an insurable interest (Sections 3-19)
- Outlines provisions related to concealment and representation in insurance contracts (Sections 26-48)
- Defines the policy of insurance and its components (Sections 49-62)
- Covers warranties in insurance contracts (Sections 67-76)
- Regulates premium payments and return of premiums (Sections 77-84)
- Addresses loss, notice of loss, and double insurance (Sections 85-97)
Reinsurance Transactions
- Governs reinsurance transactions, including requirements for ceding risks to unauthorized foreign insurers (Sections 222-228)
Annual Statement and Policy Forms
- Requires annual statements from insurance companies and mutual benefit associations (Sections 229-231)
- Mandates approval of policy forms by the Commissioner (Section 232)
- Specifies provisions for life insurance policies (Section 233), group life insurance policies (Section 234), industrial life insurance policies (Sections 235-237), and variable contracts (Sections 238-246)
Claims Settlement and Examination of Companies
- Regulates claims settlement practices and prohibits unfair claim settlement (Sections 247-251)
- Authorizes the Commissioner to examine insurance companies (Sections 252-253)
- Allows the Commissioner to suspend or revoke authority, appoint a conservator, and initiate proceedings upon insolvency (Sections 254-257)
Consolidation, Merger, Mutualization, and Withdrawal
- Governs consolidation and merger of insurance companies (Sections 258-267)
- Outlines the process for mutualization of stock life insurance companies (Sections 268-280)
- Regulates the withdrawal of foreign insurance companies from the Philippines (Sections 281-287)
Professional Reinsurers and Holding Companies
- Establishes requirements for professional reinsurers (Sections 288-289)
- Defines and regulates holding companies in the insurance industry (Sections 290-306)
Sales Agencies and Technical Services
- Licenses and regulates insurance agents, brokers, reinsurance brokers, resident agents, non-life company underwriters, adjusters, and actuaries (Sections 307-347)
- Governs rating organizations and rate-making (Sections 348-372)
- Establishes a code of conduct for insurance intermediaries (Section 374)
- Allows for bancassurance arrangements (Sections 375-377)
Security Fund and Compulsory Motor Vehicle Liability Insurance
- Creates a Security Fund for unpaid claims against insolvent insurers (Sections 378-385)
- Mandates compulsory motor vehicle liability insurance (Sections 386-402)
Mutual Benefit Associations and Trusts for Charitable Uses
- Regulates mutual benefit associations, including licensing, reserves, investments, and dissolution (Sections 403-423)
- Governs trusts for charitable uses (Sections 424-428)
Trust Business and Self-Regulatory Organizations
- Allows insurance companies to engage in limited trust business (Section 429)
- Authorizes the Commissioner to register and regulate self-regulatory organizations (Sections 430-436)
Powers and Functions of the Insurance Commissioner
- Outlines the administrative and adjudicatory powers of the Insurance Commissioner (Sections 437-439)
- Establishes fees and funding sources for the Insurance Commission (Sections 440-441)
Miscellaneous Provisions
- Imposes penalties for violations of the Code (Sections 442-443)
- Provides for transitional arrangements and repeals inconsistent laws (Sections 444-448)
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AN ACT STRENGTHENING THE INSURANCE INDUSTRY
Republic Act No. 10607
•August 15, 2013
Republic of the PhilippinesCONGRESS OF THE PHILIPPINESMetro Manila
Fifteenth CongressThird Regular Session
Begun and held in Metro Manila, on Monday, the twenty-third day of July, two thousand twelve.
REPUBLIC ACT NO. 10607
AN ACT STRENGTHENING THE INSURANCE INDUSTRY, FURTHER AMENDING PRESIDENTIAL DECREE NO. 612, OTHERWISE KNOWN AS "THE INSURANCE CODE", AS AMENDED BY PRESIDENTIAL DECREE NOS. 1141, 1280, 1455, 1460, 1814 AND 1981, AND BATAS PAMBANSA BLG. 874, AND FOR OTHER PURPOSES
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
Section 1. Presidential Decree No. 612, as amended, is hereby further amended to read as follows:
"GENERAL PROVISIONS
"Section 1. This Decree shall be known as ‘The Insurance Code’.
"Section 2. Whenever used in this Code, the following terms shall have the respective meanings hereinafter set forth or indicated, unless the context otherwise requires:
"(a) A contract of insurance is an agreement whereby one undertakes for a consideration to indemnify another against loss, damage or liability arising from an unknown or contingent event.
"A contract of suretyship...
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